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Properly insured as an SME

SMEs are often underinsured. Accidents, illness and natural forces or a cyber-attack can then lead to enormous financial stress. With a package solution, the specific risks are covered from a single source.

26 October 2020, author: Natascha Fabian, photo: Helvetia

A man is talking to a woman. In the background, a man is carrying a bicycle.
Have you got adequate insurance cover for your SME? Thanks to a package solution, specific risks can be covered from a single source.

Many SMEs and tradespeople are only inadequately insured. If they then suffer a disability or a business failure, this can have devastating consequences or even threaten their survival.

Loss of earnings in the event of illness and accidents

When the self-employed or tradespeople are unable to work because of illness or an accident, there can be enormous financial consequence. If they do not want to bear that risk themselves, they should definitely take out appropriate insurance. Important: Get daily allowance cover, to be paid out in the event of accidents and illness. Helvetia also recommends loss of earnings insurance, which guarantees substitute income if their regular income ceases permanently.

Loss of earnings insurance to cover gaps in insurance cover

The risk of being unable to work as a result of illness is disproportionately higher than in the event of an accident. However, financial security is considerably worse because compensation for loss or earnings is limited to Federal Disability Insurance (IV) and possibly the 2nd pillar (LOB), whereas the accident insurance cover provides additional benefits in the case of an accident. With a tailored pension and risk package, these gaps can be filled, business or marital partners can be insured and it is also possible to save for a pension.

Making your own retirement provision

In the case of a corporation or a limited company, occupational pensions are regulated by means of a pension fund. Be careful in the case of a simple partnership: The partners have to make their own retirement provision. The self-employed can pay 20% of their annual income, up to a maximum of CHF 34,416, into pillar 3a. Pillar 2 not only pays benefits in old age but also in the case of inability to work and to surviving family members in the event of death. In addition, payments can be made to columns 2 and 3a and deducted from taxable income.

Package solution for specific risks

Fire, water or natural forces such as flooding and inundation can also have catastrophic consequences. If the repair work takes too long, customers will switch to a competitor. To cover yourself against lengthy operational downtimes you need tailored insurance solutions. Liability claims and damage in transit can also have serious financial consequences, as can the results of a break-in. With a needs-related package solution, SMEs can insure themselves against some of the key risks of their everyday business. Relieved of this worry, they gain resources to concentrate on their core business. Some of the key elements of such a package solution include the following:

  • Business insurance to cover loss of income in the event of interruptions
  • Professional and public liability insurance to cover damage to third parties.
  • Chattels insurance to cover damage to business furnishings
  • Buildings insurance to cover properties owned by the SME

Other important additions include:

  • Transport insurance to cover damage in the delivery of goods
  • Cyber insurance to cover damage resulting from cyber attacks
  • Legal expenses insurance in order to be able to assert or defend claims in court

The insurance policies depend greatly on the nature of the business activities. This is why Helvetia offers a risk advisory service, enabling the optimum package solution from a single source.

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